The success story of Falguni Nayar, founder, and CEO of the multi-brand splendor retailer Nykaa, is a testimony to the reality that with the proper training, education, motivation, and aid, females can overcome any height. She has constructed an empire that started with a humble beginning, however, now stands tall at 200 crores!
‘Think big, however, begin small’- Falguni Nayar, CEO, Nykaa.
She built her empire at 50!
It is truly difficult for a character to cease their job at 50 and then assume about beginning an enterprise right from scratch. Had it been easy, there would now not have been exemplary tales like Falguni Nayar’s who bid adieu to her well-established career, solely to provide a start to her entrepreneurship dream, Nykaa.
Who is Falguni Nayar?
Falguni Nayar, an IIM Ahmedabad alumnus, was once the former Managing Director at Kotak Mahindra Capital Company. She gave up everything to pursue her aspirations and dreams of turning into an entrepreneur.
She hails from a Gujarati family, however was born and brought up in Mumbai. Her father was once a businessman and she says that the seed of commercial enterprise was once planted into her thinking at a very young age. She additionally has stated that the inventory market has been a frequent subject of dialogue in her house.
Her education and experience
After graduation from IIM, Ahmedabad, Falguni Nayar spent essentially 19 years working as a funding banker with the Kotak Mahindra group. Years later in 2005, she took over as the Managing Director of the funding banking enterprise which she spearheaded the firm.
In the 12 months of 2012, she determined to take the massive jump of faith and embark on an entrepreneurial journey. She was once rapid to figure that splendor was once an untapped market in India and was once on the way to experiencing an explosion.
Foundation of Nykaa
Falguni Nayar, based in Nykaa in 2012. It was once launched as an eCommerce portal curating a variety of splendor, beauty, haircare, fashion, and health products. The company named Nykaa is derived from the Sanskrit phrase nayaka, which means ‘one in the spotlight’.
Her Main Source of Inspiration
This desire of leaving a fruitful profession in the back of and getting into the world of entrepreneurship used to be pushed by way of main factors:
1) Her love for makeup.
2) Her curiosity to discover the online advertising platform which she thought to have a lot of potential
She once claimed that, “People think I was once crazy,” stated Nayar in a declaration given to Vagabomb. She located the on-line market and its increase in India. The splendor section’s preference got here both from her love for make-up and the viable online market ready for any individual to come up with such a platform.
She began feeling assured and empowered at being guided through the proper way of the use of splendor merchandise and being informed, which are the proper merchandise to be used. She obtained this journey at multi-brand splendor shops like Sephora, and Falguni, in spite of now not being a normal purchaser of beauty products, felt attracted to purchase those well worth thousands of bucks owing to the proper guidance. She felt the want to replicate this India.
As for her business activity, she drew power from entrepreneurial giants like Ronnie Screwvala of UTV and Ajay Bijli of PVR Cinemas. Their self-belief and readiness to take dangers in lifestyles stimulated her a lot.
“Plus, I am a Gujarati,” she stated in an interview with Livemint.
While the notion and the dream to be an entrepreneur lived in the internal her, Nykaa came about when Falguni Nayar had some spare time on her hands, after her youngsters (twins Anchit and Adwaita) left for their research to the US. “I’m an adventurer,” she says. “I was once in no way a true swimmer however, I would usually be the first to leap in. The thought, what if I spoil a leg? doesn’t show up in me,” she added.
She additionally desired the girls of India to experience empowered. According to Nykaa.com, the corporation has saved more than 1500 Genuine companies and granted free shipping. Falguni claimed that Nykaa has quickly emerged as India’s largest omnichannel beauty vacation spot with more than thousands of comfy clients throughout the county.
Also Read – 51 Life-Changing Motivational Quotes for Entrepreneurs to Ignite their Inspiration
Nykaa’s Journey So far
Nykaa sells 1,30,000 merchandise on-line from 1300+ curated brands. Nykaa has grown by about 350% YoY. They additionally have 70 offline shops to characterize their products. Nykaa posted Rs 1,159.32 crore income in FY19, which is greater than 108% of income posted in 2018 at Rs 555.1 crore.
But the success at the back of this income record is Nykaa’s earnings of Rs 2.3 crore towards a loss of Rs 17.7 crore a year earlier. Nykaa has raised a whole of $145.9M in funding over 10 rounds.
Their brand new funding round on May 8, 2020, was once $13 million making its valuation of over $1.2 billion, which entered Nykaa into a startups unicorn membership (billion-dollar valuation). Nykaa has received solely one business enterprise named 20Dresses on 22nd March 2019.
How Nykaa Makes Money?
As per our preliminary research, Nykaa charges a good commission from luxurious manufacturers after promoting their merchandise online.
Also, in an offline mode, they make their stock model where they purchase beauty merchandise immediately from the producers and save them in their warehouses.
Which makes its services fast, decreases its time, and additionally saves its value from charge variation.
Recently, Nykaa launched its very own 400+ curated beauty and fashion products, which opens a new supply of income and makes less reliability on the fee from high-end brands.
The Secret of Success
In 2012, Nykaa entered into the market totally centered on beauty and fashion-based merchandise whilst different massive gamers like Amazon, Flipkart, Snapdeal, Shopclues objectives massive sorts of goods.
And goal solely, these sections have been the essential motives for the company’s success.
The beauty retail market in India is developing at about a 16% CAGR and is predicted to attain $20 billion by the year 2025, and we hope Nykaa will seize a giant share in it.
Awards and events
- In 2017, Business Today titled Nykaa’s founder and CEO Falguni Nayar that she is one of the most influential women.
- In the same year, she obtained the “Woman Ahead” award by Economic Times.
- Since 2014, Femina has been an associate with Nykaa. Femina has introduced beauty Awards for beauty products; the balloting has been counted from Nykaa clients and Fermina’s readers.
Key Lessons to Learn from Falguni Nayar, Founder of Nykaa
Here are 5 points that each and every aspiring or budding entrepreneur needs to learn from here:
- Your strategy must be right. It is necessary to apprehend what you desire from your business. Sometimes it’s no longer all about making money; it’s about taking part in your work and growing a long-lasting impact.
- To get gorgeous results, you want to put exquisite effort. Did you know that Falguni Nayar used to take care of all client orders personally? Yes, that’s true. You want to work challenging and get concerned individually to get the favored results.
- Understanding your market. It is necessary to recognize the wishes of your client or your user. That will assist you to supply excellent products. Your vision and mission have to be clear. As she says, it is necessary to come to be treasured by society.
- Taking risks is essential. She gave up her job as a funding banker and pursued her dreams. That is important, especially as a woman.
- Working with family, it is essential to admire every other’s opinions. Falguni’s daughter heads the retail team. According to her, work must now not get blended with the profession.
Falguni’s Views on Women Empowerment
“I wanted to replicate that in India — a multi-brand retailer selling the best beauty, plus a lot of education to help customers…I wanted to stand for those women who want to be beautiful for themselves, not for men or other women. Indian women were ready for that, and that’s why they related to Nykaa. It was a type of empowerment.”- Falguni Nayar, Founder of Nykaa
Falguni stresses the need for females to come out of their shells and be assured about coping with each expert and non-public lives with equal panache. She says that if a girl with robust dedication will aim to do something, she will, in reality, reap it.
Final Thoughts
With Falguni Nayar at the helm of Nykaa’s career, the company is certain to see extra and greater success in the coming years. The company especially focuses on girls’ empowerment and presents tremendous professional picks for women.
Related – 15 Influential & Successful Women Entrepreneurs in India
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